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GMR Airports Feb 2026 Traffic at 10.3M; YTD Hits Record 111M Passengers
GMR Airports reported a resilient February 2026 with 10.3 million passengers, marking a marginal 0.3% YoY growth. Year-to-date (YTD) FY26 traffic reached a record 111 million passengers, the highest ever for the group, despite temporary industry-wide headwinds. Mopa (Goa) airport was a standout performer with 21.8% YoY growth in February, while Delhi and Hyderabad airports achieved record cargo volumes. The Bhogapuram greenfield airport project is nearing completion with 98.1% progress and is slated for a June 2026 opening.
Key Highlights
Total February 2026 traffic reached 10.3 million passengers, with YTD FY26 hitting a record 111 million.
Mopa (Goa) airport traffic surged 21.8% YoY in February to 0.47 million passengers.
Delhi Airport handled record cargo volumes exceeding 1 million metric tonnes in YTD FY26.
Hyderabad Airport February traffic declined 9.8% YoY due to industry disruptions, though YTD traffic is up 4.9%.
Bhogapuram Airport construction is 98.1% complete with a planned operational date of June 30, 2026.
💼 Action for Investors
Investors should monitor the upcoming commissioning of the Bhogapuram airport in June 2026 as a significant capacity catalyst. While monthly growth in major hubs like Hyderabad is currently muted, the record YTD performance and cargo growth support a stable long-term outlook.
GMR Airports Wins Delhi Cargo Terminal 1 Concession; Rs 340 Cr Estimated First-Year Revenue Share
GMR Airports Limited (GAL) has been awarded the Letter of Award (LOA) to upgrade, modernize, and operate Cargo Terminal 1 at Indira Gandhi International Airport, New Delhi. The company won the project through a competitive bidding process initiated by Delhi International Airport Limited (DIAL). The concession operates on a revenue-share model and is valid until 2036. This formalizes GAL's role, as it had been managing the terminal on an interim basis since May 2025 following the termination of the previous operator's contract.
Key Highlights
Awarded concession to manage and modernize Delhi Cargo Terminal 1 until 2036
Estimated revenue share of Rs 340 crore in the first full year of operations
Transitioned from interim operator to long-term concessionaire via competitive bidding
Project follows a revenue share payment model to Delhi International Airport Limited (DIAL)
Transaction is classified as a related party transaction conducted on an arm's-length basis
💼 Action for Investors
Investors should view this as a positive development that secures long-term revenue visibility from cargo operations at India's largest airport. Monitor the company's ability to scale cargo volumes and improve margins through the planned modernization.
GMR Airports Hits Record 11.1 Mn Monthly Pax in Jan 2026; YTD Pax Crosses 100 Mn
GMR Airports reported its highest-ever monthly passenger traffic of 11.1 million in January 2026, representing a 3.9% YoY increase. The company reached a significant milestone by crossing 100 million passengers in YTD FY26, supported by record international traffic at Delhi and Hyderabad. Mopa (Goa) airport continues to scale rapidly with 32.1% YoY growth, while the Bhogapuram greenfield project is 97.4% complete. Operational resilience is evident as traffic has stayed above 10 million passengers monthly since October 2025.
Key Highlights
Served highest-ever monthly traffic of 11.1 million passengers in Jan 2026, up 3.9% YoY
Crossed the 100 million passenger mark for YTD FY26, a record for the company
Mopa (Goa) Airport recorded significant growth of 32.1% YoY with 0.6 million passengers
Delhi Airport achieved highest-ever international passenger traffic and aircraft movements in Jan 2026
Bhogapuram Airport construction is 97.4% complete, with a planned opening by June 30, 2026
💼 Action for Investors
Investors should view the record-breaking traffic and the nearing completion of the Bhogapuram airport as strong growth catalysts. Monitor the ramp-up of non-aeronautical revenue following the increased duty-free allowances and new F&B contracts.
GMR Airports Q3FY26: GHIAL Declares INR 2.8bn Dividend; Refinances INR 21bn Debt
GMR Airports reported strong operational performance for Q3FY26, highlighted by its subsidiary GHIAL declaring an interim dividend of INR 2.8 billion (INR 7.5/share). The company successfully refinanced INR 21 billion of dollar-denominated debt with 15-year NCDs at a 7.6% coupon, which is expected to save over 150 basis points in interest costs. Operational milestones include record monthly sales for Duty Free at Delhi and Hyderabad airports and record cargo tonnage in December 2025. With a 27.2% share of Indian passenger traffic, the company is well-positioned to benefit from the revised CP4 tariffs at Delhi Airport.
Key Highlights
GHIAL declared an interim dividend of INR 7.5 per share, aggregating to a total payout of INR 2.8 billion
Refinanced INR 21 billion debt via 15-year NCDs at 7.6%, reducing interest costs by more than 150 bps
GMR Airports maintains a dominant 27.2% share of total Indian passenger traffic as of CY2025
Delhi and Hyderabad Duty Free outlets achieved their highest-ever monthly sales in December 2025
Total operational capacity stands at approximately 172 million passengers with 25 million more under development
💼 Action for Investors
Investors should view the debt refinancing and dividend declaration as strong indicators of improving cash flows and efficient balance sheet management. Monitor the upcoming regulatory tariff approvals for Hyderabad and Bhogapuram airports as they will serve as key valuation triggers.
GMR Airports Q3FY26: Total Income Up 49% YoY to ₹4,083 Cr; EBITDA Hits Record ₹1,789 Cr
GMR Airports reported a robust Q3FY26 with consolidated total income rising 49% YoY to INR 4,083 crore, driven by a record 31.9 million passengers. EBITDA reached a new high of INR 1,789 crore, up 65% YoY, primarily fueled by a 173% surge in aero revenues at Delhi Airport following tariff revisions. While Mopa Airport saw a temporary dip in EBITDA due to airline incentives, the Hyderabad unit declared an interim dividend of INR 7.5/share and successfully refinanced debt to save 150bps in interest costs. The company is nearing completion of the Bhogapuram Airport with an operational target of Q2FY27.
Key Highlights
Consolidated Total Income grew 49% YoY to INR 4,083 Cr, while EBITDA surged 65% YoY to INR 1,789 Cr.
Delhi Airport (DIAL) reported record EBITDA of INR 825 Cr and a PAT of INR 231 Cr, recovering from a loss in the previous year.
Total passenger traffic reached a record 31.9 million, with Delhi handling 20.8 million and Mopa (Goa) handling 1.46 million.
Hyderabad Airport declared an interim dividend of INR 7.5/share and refinanced INR 21bn debt to save over 150bps in interest costs.
Bhogapuram Airport construction is 95.8% complete, with operationalization expected by Q2FY27, ahead of the original schedule.
💼 Action for Investors
Investors should focus on the significant turnaround in Delhi Airport's profitability and the strong EBITDA growth across the platform. The successful debt refinancing and steady progress on land development projects enhance the long-term valuation outlook.
GMR Airports Q3 FY26 Results: Swings to Profit of ₹50.46 Cr; Revenue Rises to ₹1,238.68 Cr
GMR Airports reported a significant turnaround in Q3 FY26, posting a standalone net profit of ₹50.46 crore compared to a loss of ₹133.38 crore in the previous quarter. Revenue from operations grew by 31% quarter-on-quarter to ₹1,238.68 crore, driven by improved operational performance. EBITDA also saw a healthy improvement, rising to ₹359.41 crore from ₹241.36 crore in Q2 FY26. The company continues to navigate legal challenges regarding tariff orders and annual fees for DIAL, with a key hearing scheduled for February 26, 2026.
Key Highlights
Turned profitable with a standalone PAT of ₹50.46 crore in Q3 FY26 vs a loss of ₹133.38 crore in Q2 FY26
Revenue from operations increased 31% QoQ to ₹1,238.68 crore from ₹945.10 crore
EBITDA improved significantly to ₹359.41 crore, up from ₹241.36 crore in the preceding quarter
Maintained a stable Debt-to-Equity ratio of 0.21x with a total net worth of ₹53,192.96 crore
Ongoing legal dispute with AAI over Monthly Annual Fees (MAF) for DIAL has a crucial hearing set for Feb 26, 2026
💼 Action for Investors
The return to profitability and strong sequential revenue growth are positive signals for the stock. Investors should closely monitor the outcome of the February 26 court hearing regarding the MAF dispute, as it remains a key variable for long-term valuations.
GMR Airports Shareholders Approve Appointment of Four New Directors with Over 98% Majority
GMR Airports Limited has announced the successful passage of several resolutions via postal ballot, primarily focused on board appointments. Shareholders approved the appointment of three Non-Executive Non-Independent Directors and one Non-Executive Independent Director, Mr. Normand Boivin. The voting saw high participation, with approximately 92.26% of outstanding shares being polled. All resolutions were passed with a significant majority, ranging from 98.18% to 99.68% in favor.
Key Highlights
Appointment of 4 directors approved including Mr. Regis Sebastien Lacote and Mr. Normand Boivin.
Total votes polled reached 9,74,13,64,978, representing 92.26% of the total outstanding shares.
Resolution for Independent Director Mr. Normand Boivin passed with a high 99.68% majority.
The company had a total of 7,33,318 shareholders as of the record date of December 11, 2025.
All resolutions were deemed passed on January 16, 2026, following the conclusion of the e-voting period.
💼 Action for Investors
These appointments are part of routine corporate governance and board strengthening; no immediate action is required. Investors should monitor if the new board composition leads to any shifts in the company's long-term expansion strategy.
GMR Airports Reports Record 31.8 Mn Pax in Q3 FY26; Hyderabad YTD Traffic Up 7.3%
GMR Airports achieved its highest-ever quarterly passenger traffic of 31.8 million in Q3 FY26, a 2.6% YoY increase. Delhi Airport reached a quarterly record of 20.8 million passengers, showing recovery after previous runway maintenance disruptions. Hyderabad Airport demonstrated robust performance with YTD traffic growing 7.3% to 23.2 million, while Mopa (Goa) continues to scale rapidly with 21.6% quarterly growth. Despite some muted domestic growth in early December due to industry factors, international traffic remains strong across major hubs.
Key Highlights
Served ~90 million passengers YTD FY26 across all airports, representing a 0.9% YoY growth.
Delhi Airport recorded its highest-ever quarterly traffic of 20.8 million passengers in Q3 FY26.
Hyderabad Airport achieved record YTD traffic of 23.2 million, with international pax up 11.7% YoY.
Mopa (Goa) Airport traffic surged 23.8% YoY in December 2025, reaching 0.52 million passengers.
CRISIL revised the outlook for Hyderabad Airport to 'Positive' from 'Stable' while reaffirming 'AA+' rating.
💼 Action for Investors
Investors should monitor the sustained recovery in Delhi Airport's traffic following runway upgrades and the strong growth in high-margin international segments. The positive rating outlook for the Hyderabad entity indicates improving credit strength and operational stability.
GMR Airports Receives CARE A; Stable Rating for Rs 500 Crore Bank Facilities
CARE Ratings Limited has assigned a 'CARE A; Stable / CARE A1' rating to GMR Airports Limited for new bank facilities amounting to Rs. 500 crores. The agency also reaffirmed the 'CARE A; Stable / CARE A1' ratings for the company's existing long-term and short-term bank facilities. Furthermore, the credit rating for the company's Non-Convertible Bonds was reaffirmed at 'CARE A; Stable'. This indicates a consistent credit profile and stable outlook for the company's debt obligations.
Key Highlights
New credit rating of CARE A; Stable / CARE A1 assigned for Rs. 500 crore bank facilities
Reaffirmed CARE A; Stable / CARE A1 ratings for existing long-term and short-term bank facilities
Reaffirmed CARE A; Stable rating for issued Non-Convertible Bonds
Stable outlook maintained across all rated debt instruments and facilities
💼 Action for Investors
Investors should take comfort in the stability of the credit ratings, which suggests consistent debt-servicing capability. No immediate action is required as the ratings are reaffirmed rather than upgraded or downgraded.
GMR Airports Seeks Shareholder Approval for Appointment of 6 New Directors via Postal Ballot
GMR Airports Limited has issued a postal ballot notice to seek shareholder approval for the appointment of six directors to its board. The proposed appointments include three Non-Executive Non-Independent Directors and three Non-Executive Independent Directors, including Mr. Normand Boivin for a five-year term. Additionally, the company is seeking approval for the remuneration structure of its Independent Directors. The e-voting process is scheduled to run from December 18, 2025, to January 16, 2026, with results expected by January 19, 2026.
Key Highlights
Proposed appointment of 3 Non-Executive Non-Independent Directors: Regis Sebastien Lacote, Christelle Florence Nicole Jacquemet de Robillard, and Matthieu Daubert.
Proposed appointment of 3 Independent Directors: Normand Boivin, Dr. Mathilde Lemoine, and Salil Anil Gupte.
Mr. Normand Boivin is proposed for a first term of 5 consecutive years or until the 34th AGM.
E-voting period set from December 18, 2025 (09:00 AM) to January 16, 2026 (05:00 PM).
Shareholders as of the cut-off date of December 11, 2025, are eligible to participate in the voting process.
💼 Action for Investors
Investors should monitor the voting results to ensure the board maintains a strong governance structure and diverse expertise. No immediate portfolio changes are necessary as these are standard board appointments.
GMR Airports Reports Record 11 Million Monthly Passengers in November 2025
GMR Airports achieved its highest-ever monthly traffic in November 2025, handling over 11 million passengers, representing a 7.4% YoY increase. Delhi Airport led the surge with a record 7.3 million passengers, while Hyderabad Airport continued its robust performance with 2.7 million passengers. Despite a slight YTD decline at Delhi due to earlier runway maintenance, the overall group YTD traffic grew 1.2% to 79.15 million. International traffic remains a key growth area, supported by the addition of new routes to destinations like Shanghai and Manchester.
Key Highlights
Total passenger traffic (excl. Cebu) reached a record 11.07 million in Nov'25, up 7.4% YoY.
Delhi Airport handled its highest-ever monthly traffic of 7.3 million passengers, growing 7.5% YoY.
Hyderabad Airport YTD traffic grew 9.6% YoY, reaching 20.7 million passengers.
Mopa (Goa) Airport saw a significant 14.1% YoY increase in November traffic to 0.48 million.
Delhi Airport added 3 new international destinations: Guangzhou, Shanghai, and Manchester.
💼 Action for Investors
The record-breaking performance suggests strong demand and successful capacity expansion at key hubs like Delhi and Hyderabad. Investors should view this as a positive sign of operational recovery following maintenance disruptions earlier in the fiscal year.